Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash $ 317 $ 1,807
Restricted cash 741
Accounts receivable, net 673 933
Inventory 2,111 1,751
Prepaid expenses and other current assets 496 623
Total current assets 4,338 5,114
Goodwill 1,128 1,128
Intangibles, net 681 807
Property and equipment, net 1,955 2,211
Operating lease - right of use asset 2,015 1,628
Investment in NexGelRx 249
Other assets 95 95
Total assets 10,461 10,983
Current Liabilities:    
Accrued expenses and other current liabilities 460 310
Deferred revenue 2 179
Current portion of note payable 99 97
Partnership accrued advance 731
Warrant liability and contingent consideration liability 296
Current portion of finance lease liability 65 59
Current portion of operating lease liability 310 237
Total current liabilities 2,956 2,470
Operating lease liability, net of current portion 1,883 1,538
Finance lease liability, net of current portion 242 307
Notes payable, net of current portion 489 588
Total liabilities 5,570 4,903
Commitments and Contingencies (Note 18)
STOCKHOLDERS’ EQUITY    
Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding
Common stock, par value $0.001 per share, 25,000,000 shares authorized; 8,143,133 and 7,638,497 shares issued and outstanding as of December 31, 2025 and 2024, respectively 8 8
Additional paid-in capital 25,447 23,743
Accumulated deficit (20,996) (17,996)
Total NexGel stockholders’ equity 4,459 5,755
Non-controlling interest in joint venture 432 325
Total stockholders’ equity 4,891 6,080
Total liabilities and stockholders’ equity 10,461 10,983
Nonrelated Party [Member]    
Current Liabilities:    
Accounts payable – related party 723 761
Related Party [Member]    
Current Liabilities:    
Accounts payable – related party $ 566 $ 531